Early Profit can be misleading. - page 5.

TheUltraElite

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Quote from: Joshapat on April 05, 2023, 02:56:56 AM

Trading is indeed a unique thing because initial profits cannot guarantee whether it will continue to be profitable, I have invested in a lot of altcins and at first it looked promising, but after I held it longer what happened was the opposite because almost 99% of assets were lost because their value was worthless.

Sorry to hear that, most altcoins are like that only and you have to move away from them. Dont invest any more in them but focus on bitcoin. Use the rest of the money to invest in stuff other than cryptocurrencies like stocks, commodities and other traditional assets. You will get better returns there than from altcoins.

Of course no profit is every guaranteed, you will face ups and downs in every sector but you have to weigh how much risk you can sustain vs rewards.

I am certain that every person here can profit if they do things like risk management properly.

xSkylarx

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Quote from: Fullcoinese on April 05, 2023, 06:02:52 PM

Quote from: Baoo on April 05, 2023, 05:45:31 PM

I absolutely agree with what you said OP. It is better for beginners to understand the basics of trading well before getting started. It might take few months to be able or capable to start in this field but it is definitely worth it. And remember that knowledge is literally potential power. Take your time by reading trading books , learning technical analyses and understanding crypto charts such as candlesticks signals and chart patterns.

Moreover, easy profit for beginners is a trap especially in beginnings. It gives you fake confidence and of course it is always temporary due market’s condition changes in every period , if you are not capable to analysis each one, then you will definitely fail and lose your balance.
Also, greediness and impatience has a negative impact on decisions of traders.

with the wins that beginners keep getting, it could be luck or maybe because beginners follow a trade signal. and that will make them continue to depend on the signal given, because they don't have enough knowledge.
beginners believe in signals more than spending time learning trading techniques on their own. what they have in mind, trading crypto assets is very easy to make a profit. pseudo it is wrong thinking, but believe me more beginners have that kind of thinking.

that what is called beginners luck but still there are beginners that are not relying on trading signals, they do their dirty work which also lead to winnings and this means that they are now confident and they already thought that they already got the holy grail strategy to win which means it is a bad thing because they are now going to relax and not to learn more that is why losses in first-time trading is good as it will sink more in your mind.

Sweetbtc

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Quote

Should newbie traders be only concerned about making profit? I do not think so.

I feel that every newbie trader should first be concerned about fully understanding trading regardless of if they make profit or not at the beginning of their trading life. A newbie trader who enjoys profits mostly during his early life as a trader may be misled to begin to think that he has cracked the code to trading and will continue making profits. Newbie traders who experience some kind of losses at the early stage of their life but still continue in trading know better how trading can be, and because of the early experience that they have had, they are at a position of becoming much better traders than those that enjoyed easy profit at the beginning which can be misleading. What do you think, let us discuss?

There is no doubt that whenever one starts a new business or any activity, one may face many problems in the beginning. But there are many people who are in the profit cycle from the beginning and if they don't get the right profit, they think of themselves as a failure and get sidelined from the market. And because of inexperience, they consider the business to be damaging.When it comes to cryptocurrency, it is also a market where experience is very important and there are people who have complete knowledge and experience about the market. A new trader may be profitable for a few days but luck may not always favor him. Because he doesn't know what to buy at what place and where to sell what is the difference between investment and trading.In which direction is the market trending and is it bear market or bullish market?Because experience is the best teacher, traders who have experience can successfully complete their trades everywhere. When to enter the market and when to exit the market can only be done by an experienced trader.

Fullcoinese

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Quote from: Baoo on April 05, 2023, 05:45:31 PM

I absolutely agree with what you said OP. It is better for beginners to understand the basics of trading well before getting started. It might take few months to be able or capable to start in this field but it is definitely worth it. And remember that knowledge is literally potential power. Take your time by reading trading books , learning technical analyses and understanding crypto charts such as candlesticks signals and chart patterns.

Moreover, easy profit for beginners is a trap especially in beginnings. It gives you fake confidence and of course it is always temporary due market’s condition changes in every period , if you are not capable to analysis each one, then you will definitely fail and lose your balance.
Also, greediness and impatience has a negative impact on decisions of traders.

with the wins that beginners keep getting, it could be luck or maybe because beginners follow a trade signal. and that will make them continue to depend on the signal given, because they don't have enough knowledge.
beginners believe in signals more than spending time learning trading techniques on their own. what they have in mind, trading crypto assets is very easy to make a profit. pseudo it is wrong thinking, but believe me more beginners have that kind of thinking.

Oilacris

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Quote from: Obari on April 05, 2023, 05:30:38 AM

Quote from: Cryptmuster on April 05, 2023, 04:07:34 AM

Quote from: Obari on April 05, 2023, 01:44:38 AM

I would rather prefer making money while learning rather than wanting to make losses just for the sake of the experience, ( I guess that is why we ought to learn from the mistakes of others and correct ours.)
I got your points mate but no matter how good one could be in trading, there are still big chances of still making losses but what truly matters is that the the profits are way more than the losses.
Whatever the case might be, I'm sure there are people like myself who enjoyed early profits and I made my first $2000 in trading synthetic indices just in 48 hours and I still made some losses after then but I believe the profits were More tan the losses.

You need to make it a rule to consider as profit only what you managed to withdraw to your wallet after the completion of a profitable transaction. If the transaction has made a profit, but you still keep these funds on your trading account, then you understand that the risk of losing them is quite high. The habit of withdrawing profit to the wallet should become a rule that cannot be broken, I learned this from an experienced trader, and I can say that it really works.

Exactly mate and I've been an advocate of this very act over the years and I always tell people that no matter how small the profit would be, it is always advisable to take out the profits at least at the end of the day's trade.
Traders especially the newbies should atleast focus more on learning than on making profits though making profits should be an added advantage.
And no matter how good ones trading skills could be, it is always advisable to always practice risk management as this one will help keep you in market.

Profit is profit and you shouldnt really be having that kind of not being contented whenever you do make out a secure profit.Most common mistake of people is that they do aim for more and not really that grateful on the amount that they had recently made on. When we are still noob then it is really just that normal that we would really be having that impression that dealing with the market
is easy on the time that you do make out profits on your first few trades but on the time progress and the engagement would be even more then you would be finding out the
importance on seeking out for the best exit and take profits as much as you could.

Baoo

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I absolutely agree with what you said OP. It is better for beginners to understand the basics of trading well before getting started. It might take few months to be able or capable to start in this field but it is definitely worth it. And remember that knowledge is literally potential power. Take your time by reading trading books , learning technical analyses and understanding crypto charts such as candlesticks signals and chart patterns.

Moreover, easy profit for beginners is a trap especially in beginnings. It gives you fake confidence and of course it is always temporary due market’s condition changes in every period , if you are not capable to analysis each one, then you will definitely fail and lose your balance.
Also, greediness and impatience has a negative impact on decisions of traders.

Franctoshi

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This brings category of traders into playing an important role here, In the sense that, there are traders who are very fast in learning , understanding and applying those principle of trading and are likely the set of traders that you would find start making profits at the early stage, because trading is all what you know and understanding of the market. whereas there are this 2nd set of traders that are fast in learning too, but will find it difficult to implement these rules involved with trading, while the last set of traders those that are slow in grapsing the whole concept about trading.

The bottom line is that your profiting in the world of trading, actually begins with the time you start understanding the whole concept about trading, basically when you start applying those rules.

Dzwaafu11

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Your point is well taken, but when you consider the flip side of it, a new trader who has a small amount of money to trade entered the market because they didn't want to waste it in another way.

So I believe your point cannot be applied to these types of newbie traders, as they require sufficient knowledge before coming. What if we said that these new traders should lose for a while in order to learn how trading works properly.

OP Don't you think that losing the little money they had would demoralize them?

Similificator

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Quote from: Bananington on March 29, 2023, 01:07:28 PM

Should newbie traders be only concerned about making profit? I do not think so.

I feel that every newbie trader should first be concerned about fully understanding trading regardless of if they make profit or not at the beginning of their trading life. A newbie trader who enjoys profits mostly during his early life as a trader may be misled to begin to think that he has cracked the code to trading and will continue making profits. Newbie traders who experience some kind of losses at the early stage of their life but still continue in trading know better how trading can be, and because of the early experience that they have had, they are at a position of becoming much better traders than those that enjoyed easy profit at the beginning which can be misleading. What do you think, let us discuss?

I agree with you but wins are also as important as experiencing losses. Those two go hand in hand to make a person motivated while at the same time tempered well when it comes to trading. Lacking too much in any one of the two would only end up becoming detrimental in the future for a trader. Since it will most likely result in indecisiveness due to lack of confidence or too much of it.

So really, as a beginner, in times of bad trades, one should focus on the lessons and not on the losses. On the good ones, celebrate the small wins but don't get too full of one's self and over trade. One must stick to the trading plans and respect the market to know which strategies work and which ones needs to be changed. Because if not, the market will kick cocky traders right in the face and gain back that respect one way or another.

Obari

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Quote from: Cryptmuster on April 05, 2023, 04:07:34 AM

Quote from: Obari on April 05, 2023, 01:44:38 AM

I would rather prefer making money while learning rather than wanting to make losses just for the sake of the experience, ( I guess that is why we ought to learn from the mistakes of others and correct ours.)
I got your points mate but no matter how good one could be in trading, there are still big chances of still making losses but what truly matters is that the the profits are way more than the losses.
Whatever the case might be, I'm sure there are people like myself who enjoyed early profits and I made my first $2000 in trading synthetic indices just in 48 hours and I still made some losses after then but I believe the profits were More tan the losses.

You need to make it a rule to consider as profit only what you managed to withdraw to your wallet after the completion of a profitable transaction. If the transaction has made a profit, but you still keep these funds on your trading account, then you understand that the risk of losing them is quite high. The habit of withdrawing profit to the wallet should become a rule that cannot be broken, I learned this from an experienced trader, and I can say that it really works.

Exactly mate and I've been an advocate of this very act over the years and I always tell people that no matter how small the profit would be, it is always advisable to take out the profits at least at the end of the day's trade.
Traders especially the newbies should atleast focus more on learning than on making profits though making profits should be an added advantage.
And no matter how good ones trading skills could be, it is always advisable to always practice risk management as this one will help keep you in market.

Cryptmuster

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Quote from: Obari on April 05, 2023, 01:44:38 AM

I would rather prefer making money while learning rather than wanting to make losses just for the sake of the experience, ( I guess that is why we ought to learn from the mistakes of others and correct ours.)
I got your points mate but no matter how good one could be in trading, there are still big chances of still making losses but what truly matters is that the the profits are way more than the losses.
Whatever the case might be, I'm sure there are people like myself who enjoyed early profits and I made my first $2000 in trading synthetic indices just in 48 hours and I still made some losses after then but I believe the profits were More tan the losses.

You need to make it a rule to consider as profit only what you managed to withdraw to your wallet after the completion of a profitable transaction. If the transaction has made a profit, but you still keep these funds on your trading account, then you understand that the risk of losing them is quite high. The habit of withdrawing profit to the wallet should become a rule that cannot be broken, I learned this from an experienced trader, and I can say that it really works.

Joshapat

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Trading is indeed a unique thing because initial profits cannot guarantee whether it will continue to be profitable, I have invested in a lot of altcins and at first it looked promising, but after I held it longer what happened was the opposite because almost 99% of assets were lost because their value was worthless.

rahulzx

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Quote from: Unbunplease on April 04, 2023, 07:48:30 PM

Quote from: Digital_Lord on April 04, 2023, 01:59:49 PM

I just think that individuals participating in trading are because of one reason that is to make money so whenever they loss money at start so this thing make them disappointed. Everyone should start experience at first and it does not mean that you will not make money at start but it means that you will surely earn but when you fail to earn then you should have patience that time and think for the next step. Trading and investment is not a quick way to earn money so try to understand this thing because understanding about trading and and investment can help you to get profit. Losing is not the end but its Initiation of next successful step

Still, it is worth bearing in mind that much depends on the character of the individual. There are some people who get knocked out by any failure. At first they trade successfully, but as soon as they make a small mistake, they become very nervous, and then they suddenly bet all their previous winnings and lose everything. Such people do not learn from their mistakes

It's crucial to learn from past mistakes and make thoughtful decisions in the face of adversity. However, with patience and a disciplined approach to trading, anyone can improve their trading skills and achieve success in the long run.

Obari

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I would rather prefer making money while learning rather than wanting to make losses just for the sake of the experience, ( I guess that is why we ought to learn from the mistakes of others and correct ours.)
I got your points mate but no matter how good one could be in trading, there are still big chances of still making losses but what truly matters is that the the profits are way more than the losses.
Whatever the case might be, I'm sure there are people like myself who enjoyed early profits and I made my first $2000 in trading synthetic indices just in 48 hours and I still made some losses after then but I believe the profits were More tan the losses.

bettercrypto

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Maybe not, maybe he just timed the coins that were bought in the hours before their value kicked in the market. What if the coins he bought really have potential, that means it's an advantage.

How can we say that this is misleading if the coins that gave him profit when he was a beginner continue to increase and develop?
So I think it still depends on your choice of trading here in cryptocurrency.

Unbunplease

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Quote from: Digital_Lord on April 04, 2023, 01:59:49 PM

I just think that individuals participating in trading are because of one reason that is to make money so whenever they loss money at start so this thing make them disappointed. Everyone should start experience at first and it does not mean that you will not make money at start but it means that you will surely earn but when you fail to earn then you should have patience that time and think for the next step. Trading and investment is not a quick way to earn money so try to understand this thing because understanding about trading and and investment can help you to get profit. Losing is not the end but its Initiation of next successful step

Still, it is worth bearing in mind that much depends on the character of the individual. There are some people who get knocked out by any failure. At first they trade successfully, but as soon as they make a small mistake, they become very nervous, and then they suddenly bet all their previous winnings and lose everything. Such people do not learn from their mistakes

Digital_Lord

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I just think that individuals participating in trading are because of one reason that is to make money so whenever they loss money at start so this thing make them disappointed. Everyone should start experience at first and it does not mean that you will not make money at start but it means that you will surely earn but when you fail to earn then you should have patience that time and think for the next step. Trading and investment is not a quick way to earn money so try to understand this thing because understanding about trading and and investment can help you to get profit. Losing is not the end but its Initiation of next successful step

Dr.Bitcoin_Strange

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Quote from: irhact on April 04, 2023, 04:13:20 AM

I won't necessary say it's luck, although we need luck in whatever we're doing but when you learnt what you're doing very well and understood it before you started practicing it then, you can get results that many others will call luck but you personally know it isn't just you been lucky but your hard work is finally paying off.

But will you say it's an unnecessary stroke of luck? Some newbies, like you said, put effort into learning, and when they start making profit, that's a win for them because they have taken their time and made a lot of effort to learn. But there're different kinds of newbies, some would not have really learned anything but just on trying a strategy and making one or two profits, they will assume they are professionals already. They become so overwhelmed by the profits and that was the reason I said it's only luck to those kinds of newbies. Before one can get so much profit in their trade, they may have tried other strategies, known the one that worked best, and on the process they may have also encountered some losses.

irhact

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Quote from: Dr.Bitcoin_Strange on April 03, 2023, 07:29:19 PM

I would refer to the early profits as being lucky in the first stage of trading, which is also a symbol of hope for the newbie to try hard. Trading involves a lot of logic and strategy, and the newbie must be vigilant to know which strategies they have combined to make their first profit; otherwise, if they feel they are too good for an early profit, they could be misled by their instinct.

I won't necessary say it's luck, although we need luck in whatever we're doing but when you learnt what you're doing very well and understood it before you started practicing it then, you can get results that many others will call luck but you personally know it isn't just you been lucky but your hard work is finally paying off.

One mistakes many newbie that want to become professional traders make is that they don't dedicate their time to learning and practicing on how to trade, some just watch YouTube video then think they're now professional traders but it doesn't take long before they give up.

jokers10

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Quote from: Oilacris on April 03, 2023, 04:12:57 PM

Well, I guess there's nothing more than warning about inevitable losses we can do for newbies who want to start trading.
...

Warning is good for learning: if a possible mistake is pointed out even if you make it you can easier understand what was done wrong. We can't prevent all the losses of newbies but we can try to highlight most common mistakes to help them learn faster and deeper. And experience of early profit is IMO not so bad as each experience is good if it analysed wisely basing on gotten knowledge. And advice of more experienced traders can be very valuable knowledge.

Topic: Early Profit can be misleading. - page 5. (Read 981 times)